Pursuits
H&M Warns Weak September Sales May Hit Fourth-Quarter Profit
- Revenue growth slows to 1%, slowest pace in 13 months
- Retailer plans to introduce as many as 2 brands next year
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Hennes & Mauritz AB said it may need to continue cutting prices in the fourth quarter following a weak start to the autumn season, compounding the subdued outlook facing European fashion retailers.
Revenue growth decelerated to about 1 percent this month excluding currency shifts, the slowest pace in more than a year, the Stockholm-based company said Friday, missing analysts’ estimates. Markdowns eroded third-quarter profit margins by 1.1 percentage points.